3Interpretation

#### 3 Interpretation (1) In this Act, unless the contrary intention appears: > ADI has the same meaning as in the Banking Act 1959. > Note: ADI is short for authorised deposit‑taking institution. > appointed member means a member, other than the Managing Director of EFIC. > Australian benefit means a benefit that flows (whether directly or indirectly) from overseas to: (a) Australia; or (b) a person carrying on business or other activities in Australia. > Australia’s greenhouse gas emissions reduction targets means: (a) if: (i) Australia’s current nationally determined contribution was communicated in accordance with Article 4 of the Paris Agreement in June 2022; and (ii) that nationally determined contribution has not been adjusted in accordance with paragraph 11 of Article 4 of the Paris Agreement; the greenhouse gas emissions reduction targets set out in paragraphs 10(1)(a) and (b) of the Climate Change Act 2022; or (b) in any other case—the greenhouse gas emissions reduction targets included in: (i) Australia’s current nationally determined contribution communicated in accordance with Article 4 of the Paris Agreement; or (ii) if that nationally determined contribution has been adjusted in accordance with paragraph 11 of Article 4 of the Paris Agreement—that nationally determined contribution, as adjusted and in force from time to time. > Board means the Export Finance and Insurance Corporation Board. > called capital, in relation to EFIC at a particular time, means the total amount paid by the Commonwealth to EFIC under subsection 54(4), less any amounts paid by EFIC to the Commonwealth under subsection 54(6). > Chairperson includes a person acting as Chairperson. > Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013. > Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013. > constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies. > Deputy Chairperson includes a person acting as Deputy Chairperson. > Deputy Managing Director includes a person acting as Deputy Managing Director. > EFIC means the Export Finance and Insurance Corporation. > EFIC’s Commonwealth entities function means the function set out in paragraph 7(1)(dc). > EFIC’s national economy function means the function set out in paragraph 7(1)(df). > EFIC’s net zero function means the function set out in paragraph 7(1)(dg). > EFIC’s Northern Australia economic infrastructure functions means the functions set out in paragraphs 7(1)(da) and (db). > EFIC’s overseas infrastructure financing functions means the functions set out in paragraphs 7(1)(dd) and (de). > eligible activity: see section 3B. > export contract means a contract or arrangement: (a) for the export of goods produced or manufactured wholly or in part in Australia; or (b) for the rendering (whether inside or outside Australia) of a service to a person outside Australia. > Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013. > guarantee includes the provision of stand‑by credit and any other form of monetary commitment supporting the performance of an obligation. > large business: see section 3A. > Managing Director includes a person acting as Managing Director. > member means a member of the Board, and includes the Chairperson, the Deputy Chairperson and a person acting as a member of the Board. > net zero transformation means achieving Australia’s greenhouse gas emissions reduction targets and contributing to the reduction of global greenhouse gas emissions. > Northern Australia economic infrastructure has the same meaning as in the Northern Australia Infrastructure Facility Act 2016. > overseas infrastructure development means the development or enhancement of infrastructure that will be, or is, located or used wholly or substantially outside Australia. > overseas infrastructure financing means lending money to support overseas infrastructure development, if EFIC reasonably believes that lending the money is likely to result in an Australian benefit. > Note: Lending money includes providing finance, providing a financial accommodation or making an equity investment, in any form: see subsection (2). > overseas investment transaction means: (a) the acquisition of shares or stock, or of any other interest, in a corporation incorporated in a foreign country, being a corporation: (i) that, either alone or with other persons, carries on, or proposes to carry on, a business in a foreign country; or (ii) that has a substantial shareholding in another corporation that, either alone or with other persons, carries on, or proposes to carry on, a business in a foreign country; or (b) the acquisition of a right to share in the income or assets, or the income and assets, of a business carried on, or proposed to be carried on, in a foreign country, whether as a partnership or otherwise; or (c) the lending of money to a person for use by that person in, or in connection with, a business carried on, or proposed to be carried on, by the person in a foreign country or the guaranteeing of, or the provision of other support for, the repayment of money so lent and the payment of interest or other charges that may become payable in respect of money so lent; or (d) the transferring of money to, or the importing of equipment or other goods into, a foreign country for use in, or in connection with, a business carried on, or proposed to be carried on, in a foreign country by the person transferring the money or importing the equipment or other goods; or (e) the transferring of money, or the supply of equipment or other goods, by a corporation to another corporation in which that first‑mentioned corporation has a substantial shareholding, being money, equipment or goods for use in, or in connection with, a business carried on, or proposed to be carried on, by that other corporation in a foreign country. > Paris Agreement means the Paris Agreement, done at Paris on 12 December 2015, as amended and in force for Australia from time to time. > Note: The Agreement is in Australian Treaty Series 2016 No. 24 (\[2016\] ATS 24) and could in 2022 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). > related party, for a business, has the meaning given by section 228 of the Corporations Act 2001. > responsible Ministers means: (a) the Minister administering this Act; and (b) the Finance Minister. > short‑term insurance contract means an export payments insurance contract under section 14 that covers a loss or detriment arising out of a contract or arrangement whose initial payment term is no longer than 360 days, but does not include an export payments insurance contract that EFIC has entered into, whether wholly or partly, in accordance with an approval or direction under Part 5. > substantial part of a business means a part of a business that is substantial and not minor or insignificant. Loans and lending of money (2) In this Act, a reference to a loan or to the lending of money includes a reference to the provision of finance, the provision of a financial accommodation or the making of equity investments, in any form. Eligible export transactions (3) For the purposes of this Act, a transaction is an eligible export transaction if, in whole or in part, it involves, is associated with, or is incidental or related to: (a) the export from Australia of goods produced or manufactured wholly or substantially in Australia; or (b) the production or manufacture in Australia, wholly or substantially, of goods that are to be exported from Australia; or (c) the supply, installation, erection, operation, maintenance or repair of goods produced or manufactured wholly or substantially in Australia and exported from Australia; or (d) the rendering in Australia or a foreign country: (i) of any services in or in connection with the supply, installation, erection, operation, maintenance or repair of goods produced or manufactured wholly or substantially in Australia and exported from Australia; or (ii) of any construction, technological, managerial or other services (whether in connection with such goods or otherwise) for a person carrying on business in a foreign country or for the government, or an agency of the government, of that country or of any political subdivision of that country; or (e) the supply to persons who are not ordinarily resident in Australia of services relating to tourism; or (f) the conduct of an online business with customers outside Australia; or (g) the sale or licensing of intellectual property and related rights to persons outside Australia; or (h) direct investment outside Australia where a benefit flows back to Australia (whether directly or indirectly). Australian export trade (5) In this Act, a reference to Australian export trade includes a reference to any transaction (including the rendering of a service) involving a benefit flowing directly or indirectly from overseas to a person carrying on business or other activities in Australia.